Shaukat Tarin
Shaukat Tarinشوکت ترین | |
|---|---|
| Finance Minister of Pakistan | |
| In office October 8, 2008 – February 22, 2010 | |
| President | Asif Ali Zardari |
| Prime Minister | Yousaf Raza Gillani |
| Preceded by | Naveed Qamar |
| Succeeded by | Abdul Hafeez Shaikh |
| President Union Bank (Pakistan) | |
| In office 2000 – 2006 Karachi Stock Exchange | |
| Chairman Karachi Stock Exchange | |
| In office 2002–2008 Serving with Sadeq Sayeed | |
| Prime Minister | Shaukat Aziz |
| Personal details | |
| Born | Shaukat Tarin 1953 (age 71–72) Multan, West Pakistan |
| Residence | Islamabad, |
| Alma mater | University of the Punjab (MBA), Forman Christian College University |
| Profession | Economist |
Shaukat Tarin (Template:Lang-ur; born 1953) is a senior banker from Pakistan who also served as the country's Finance Minister in Yousaf Raza Gillani-led government from 2008 to 2010. Appointed to this position as an adviser to the government on 7 October 2008, he was elected as a senator from Sindh on 27 July 2009, thereafter being elevated to the post of finance minister. Tarin resigned from the ministry on February 23, 2010 to "raise equity from the market for Silkbank," which while working at finance ministry was "a clear conflict of interest."[1]
Before finance ministry, Tarin stayed as country manager of Citibank and did tenures as head of Habib Bank, Union Bank, Silkbank, and twice as chairman of Karachi Stock Exchange.
Banking career
Shaukat Tarin is an ethnic Pashtun born to an army doctor in Multan. He got his initial education from Army Cantonment schools all over Pakistan and later got his MBA from University of the Punjab. He joined Citibank in 1975 and remained with it for 22 years rising to become its country manager in Thailand.[2]
In 1997, then-PM Nawaz Sharif asked Tarin to turnaround state-owned Habib Bank, for which he left the $1 million plus job in the United States. He, along with Zubyr Soomro at United Bank and Muhammad Mian Soomro at National Bank of Pakistan, were "successful in bringing the nationalised commercial banks (NCBs) back from virtual extinction."[3] He left HBL in 2000 to join Union Bank as its president.[4] As the president of the Union Bank, Tarin was associated with the acquisition by Standard Chartered Bank of a 95.37% interest in Union Bank in September 2006. The amount paid was $487 million, in cash.[5]
Shaukat Tarin has also been elected twice as chairman of Karachi Stock Exchange (KSE), the last one being in the year 2008.[6]
Shaukat Tarin was a major stakeholder of SPCB and formed a consortium, along with senior banker Sadeq Sayeed, International Finance Corporation (IFC), BankMuscat, Nomura Holdings and Sinthos Capital to acquire an 86.55% stake in SPCB from Saudi Pak Industrial And Agricultural Investment Co. Ltd. for $213 million in cash on March 31, 2008.[7]
Finance Minister
Shaukat Tarin was appointed adviser to the Prime Minister on Finance with a status of federal minister by Government of Pakistan on the 7 October 2008.[4] Immediately prior to being appointed to the Cabinet, Tarin was serving as the President of Saudi-Pak Commercial Bank. Later on 27 July 2009, he was elected senator unopposed from Sindh. This paved his way to formally take charge of the Ministry of Finance.[8] As such, he heads the Executive Committee of the National Economic Council (NEC) and the Economic Coordination Committee (ECC).[4]
References
- ^ Khaleeq Kiani . "PM accepts Shaukat Tarin’s resignation" Dawn, 24 February 2010
- ^ Saad Hasan. "I expect 3.5 percent growth rate this year" The News on Sunday, 14 March 2010
- ^ Ikram Sehgal. "Elsie is not a girl" Defence Journal, January 2000 edition
- ^ a b c "Shaukat Tarin gets top finance post" Dawn, 8 October 2008
- ^ "Standard Chartered Acquisition of 95.37% Interest in Union Bank Ltd" Standard Chartered, 6 September 2006
- ^ "Shaukat Tarin elected KSE Chairman" Daily Times, 17 January 2008
- ^ "History of Silkbank" Silkbank Website, accessed 4 September 2009
- ^ "Shaukat Tarin elected as Senator" The Nation, 28 July 2009